Mississippi Personal Loan Laws and Regulations (MS)

(last updated 11/04/2018)
Mississippi governs the rate of interest in the state through Mississippi Code Title 75 (Regulation of Trade, Commerce and Investments) under the provisions of Chapter 17 (Interest, Finance Charges, and Other Charges). Section 75-17-1 of this Chapter prescribes the legal rate of interest as eight percent (8%) per annum. A borrower or debtor may contract for a rate not exceeding the greater of ten percent (10%) per annum or five percent (5%) per annum above the discount rate. The rate of interest on any judgment or decree based on a contract action will be the same rate prescribed in the contract. In all other judgments or decrees, the interest rate is set by the judge at a per annum rate. These rates on judgments and decrees are prescribed in Section 75-17-7.

By the authority of Section 75-67-119, usurious interests and finance charges will be forfeited and can be recovered. If any such rates or charges exceed the maximum authorized by law by more than one hundred percent (100%), then the principal and the interest/charges will be forfeited and the amount already paid can be recovered. Persons who violate the usury law will be guilty of a misdemeanor and, upon conviction be punished by a fine not exceeding One Thousand Dollars ($ 1,000.00) and not less than One Hundred Dollars ($ 100.00), in the discretion of the court. The court is also empowered to revoke the license of such persons.

Residential real property loans and any contract, loan, extension of credit or other obligation by any partnership, joint venture, religious society, unincorporated association, or domestic or foreign corporation, whether organized for profit or nonprofit may charge rates that exceed the legal limit set for interest rates. Section 75-17-1 prescribes the limitations for this exception. Section 75-17-23 provides that the rate of interest in connection with the sales of factory manufactured moveable homes may be greater than the legal limit. However, this rule is subject to the prescribed rates in this Section.

Miss. Code Ann. § 75-17-1

Legal rates of interest and finance charges
(1) The legal rate of interest on all notes, accounts and contracts shall be eight percent (8%) per annum, calculated according to the actuarial method, but contracts may be made, in writing, for payment of a finance charge as otherwise provided by this section or as otherwise authorized by law.
(2) Any borrower or debtor may contract for and agree to pay a finance charge for any loan or other extension of credit made directly or indirectly to a borrower or debtor which will result in a yield not to exceed the greater of ten percent (10%) per annum or five percent (5%) per annum above the discount rate, excluding any surcharge thereon, on ninety-day commercial paper in effect at the Federal Reserve bank in the Federal Reserve district where the lender is located, each calculated according to the actuarial method. The rate of finance charge authorized under this subsection (2) shall be known as the “contract rate.”

(3) Notwithstanding the foregoing and any other provision of law to the contrary, any partnership, joint venture, religious society, unincorporated association, or domestic or foreign corporation, whether organized for profit or nonprofit, may contract for and agree to pay a finance charge which will result in a yield not to exceed the greater of fifteen percent (15%) per annum or five percent (5%) per annum above the discount rate, excluding any surcharge thereon, on ninety-day commercial paper in effect at the Federal Reserve bank in the Federal Reserve district where the lender is located, each calculated according to the actuarial method, on any contract, loan, extension of credit or other obligation under which the principal balance to be repaid shall originally exceed Two Thousand Five Hundred Dollars ($ 2,500.00), or on any series of advances of money pursuant to a contract if the aggregate of sums advanced or originally proposed to be advanced shall exceed Two Thousand Five Hundred Dollars ($ 2,500.00); and as to any such agreement, the claim or defense of usury by such partnership, joint venture, religious society, unincorporated association, or corporation, or their successors, guarantors, assigns or anyone on their behalf is prohibited.

This information is for informational purposes only.
Although care has been taken to accurately describe the
laws and regulations in Mississippi, no
guarantees are implied or expressed about its
accuracy. This is not legal advice. If you need legal advice,
please consult an attorney or the Mississippi Department of Banking and Consumer Finance.

The following classes of lending organizations may be exempt from some, all, or none of the laws set by the state of Mississippi. Federally chartered banks, state chartered banks, credit unions and some entities organized under the laws of a sovereign nation (for example) a Native American Tribe or the country of Antigua.

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